Taxation key to economic devt, says CITN

The President of the Chartered Institute of Taxation of Nigeria (CITN), John Sunday Jegede, has said taxation, and not oil, remains the engine-room for sustainable economic development in the country. He said oil and gas will in the very near future dry up but taxation will always remain a source of revenue for countries.

Jegede disclosed these during CITN’s 27th induction in which 546 new members were inducted.

According to him, “It is no longer news that what is needed to drive our economy and assist in the realisation of vision 20-2020 and the transformation agenda of the Federal Government is the diversification of the economy with emphasis on taxation”.

He said the Institute is determined to collaborate with various stakeholders to enhance manpower capacity of tax experts through training and retraining.

Lagos State Attorney General and Commissioner of Justice, Mr Ade Ipaye, who was represented by Mr Gabriel Fashoto, said that tax reforms have assisted in ensuring that funds meant for development are channeled rightly for such projects.